Posted on 10/29/2009 3:02:51 PM PDT by blam
Shell Sees No 'Quick Recovery' As Energy Company Cuts 5,000 Jobs
Royal Dutch Shell is “not expecting a quick recovery” after shedding 5,000 jobs in a global restructuring and seeing profits drop 73pc on lower oil and gas prices.
By Rowena Mason
Published: 7:59AM GMT 29 Oct 2009
Europe’s biggest energy company made $2.99bn in profits on a cost of supplies basis – a measure that strips out the effect of changing inventories – slightly beating analyst expectations. Revenue fell 43pc to $76bn.
Peter Voser, the chief executive who took over in July, said 5pc of the oil giant’s staff would be leaving, after profitability in both upstream and downstream divisions was sharply affected by the recession.
Petrofac will benefit from oil industry investment“We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery,” Mr Voser said.
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(Excerpt) Read more at telegraph.co.uk ...
BTTT
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